2018 Annual Report & Financial Statements
Celebrating 50 years of
ChesterReport of the Trustees Beatty’s 2018 gift to Ireland 1 Cover image: Chester2 Beatty, c. 1930 Chester Beatty 2018 Annual Report & Financial Statements
Contents
Trustees and Other Information 6
Introduction 8
Mission 12
Vision 13
Primary Activities and Achievements 18
Chester Beatty Staff List 31
2018 Financial Review 34
Structure, Governance and Management 35
Reference and Administrative Details 40
Trustees’ Responsibilities Statement 41
Independent Auditor’s Report to the Trustees of the Chester Beatty 42
2018 Financial Statements 44
Report of the Trustees 2018 3 “Beatty's greatest legacy is not only that he amassed one of the greatest private collections in the world, but that his great spirit of generosity ensured that it would be made available to the general public to be enjoyed and studied and used as a source of inspiration and a shared cultural experience.”
President Michael D. Higgins at the inauguration of Gift of a Lifetime 18 October 2018
President Michael D. Higgins opens the special 50th anniversary exhibition, Gift4 of a Lifetime: Treasures from Chester Beatty’s Collection Chester Beatty Report of the Trustees 2018 5 Trustees and Other Information
Trustees – in alphabetical order Director/CEO Dr Catherine Day (Chair since September 2017) Ms Fionnuala Croke Mr Eamonn Ceannt (until September 2018) Clock Tower Building Dublin Castle Sir Marc Cochrane Dublin 2 Dr Sandra Collins D02 AD92 Mr Dermot Desmond Ms Clare Duignan (from July 2018) Mr David Gillett (from July 2018) Auditors Prof. Kathleen James-Chakraborty PricewaterhouseCoopers Prof. Brian McGing Chartered Accountants and Registered Auditors One Spencer Dock Mr John Neary (from November 2018) North Wall Quay Mr Tony O’Grady (from July 2018) Dublin 1 Prof. Roger Stalley D01 X9R8
Solicitors Arthur Cox Solicitors Earlsfort Centre Earlsfort Terrace Dublin 2 D02 T380
Bankers Allied Irish Bank plc 40-42 Ranelagh Dublin 6 D06 VY58
6 Chester Beatty Diwali celebration at the Chester Beatty
Report of the Trustees 2018 7 Introduction
When Sir Alfred Chester Beatty died in Monaco on 19 January 1968, at the age of 92, The Times of London said of him that he was “the greatest of all living figures in the mining industry, and with his passing the world has lost one of its most romantic characters”.
This may have come as something of a surprise to many A selection of the finest world treasures from Beatty’s reading this obituary. Almost twenty years had passed since collection was brought together in the major anniversary Chester Beatty had retired to live quietly in Ireland. He was not exhibition, Gift of a Lifetime, which was opened by our patron, a man who courted publicity and, outside of the mining world, President Michael D. Higgins in October. On that occasion, we his achievements in that field were probably little known. were joined by Beatty’s granddaughter, Mrs Sarah Thomson Jones, who later wrote that she was ‘overwhelmed by the By the time of his death, Beatty was much better known in love and respect [shown] for my grandfather’. In his speech, the world of art, as a collector of manuscripts and artefacts of President Higgins addressed themes that lie at the very heart great age and rarity: from the early Christian period, from the otf the mission of the Chester Beatty when he spoke of the Islamic world and across Asia. power of great art and great literature to “[embrace] other In his Will, Beatty left his magnificent collections to the people cultures, the understanding of other beliefs and the respecting of Ireland, in the care of a Trust. With the support of the State, of cultural differences aligned to a realisation of a common we continue to develop Beatty’s legacy ensuring that the and shared humanity”. museum which carries his name cares for and displays the In early December, the new Chester Beatty website was treasures that he spent a lifetime assembling and, above all, launched, together with the first phase of the digital collections making these works accessible to everyone. online, supported by a dedicated grant from the Department of Throughout 2018, the year that marks the 50th anniversary Culture, Heritage and the Gaeltacht (DCHG). We will continue of Beatty’s death, a special series of highlights was planned to work towards our objective to digitise all of the collections to celebrate what may be regarded as the greatest gift by over the coming years, with full accompanying metadata, so any individual to our country. The first of these took place in that visitors all over the world – scholars and schoolchildren January, when An Post launched four commemorative stamps alike – can engage with the extraordinary treasures that Beatty featuring Beatty himself and a selection of works from the assembled. collections. The year ended on a high note when the documentary Chester Beatty: Honorary Irishman aired on RTÉ 1 during the Christmas period in a prime time slot.
8 Chester Beatty We wish to pay tribute to the Staff of the Chester Beatty, The Chester Beatty faces an ongoing challenge in aligning who worked tirelessly during 2018 to deliver this special our strategic priorities with the resources available to us. The programme, driven by their commitment to the museum and grants from DCHG accounted for approximately 80% of our its remarkable collections. funding in 2018. The remaining 20% was generated from Chester Beatty’s commercial and fundraising activities. Looking to the future, the Chester Beatty will focus on its growing number of visitors, both physical and virtual. Some The collections we care for are of global significance and 350,000 visitors on average visit the museum each year and we constantly seek new ways to communicate their potential we are committed to developing the displays, and to seeking to inspire, to educate and not least to build bridges across new ways to make the collections more accessible for a wider communities and nations. For some, a visit to the Chester audience. Beatty is their first introduction to another culture. Others feel a sense of pride and emotion to see precious objects of their In 2018, the Ireland 2040 Capital Plan was launched, with an own faith or culture celebrated here. Great art has the power allocation of €20 million for the development of the Chester to move us deeply, and we wish for all our visitors to leave here Beatty. We are grateful for the vital, continuing support of the with a sense of delight, and perhaps a lightness of spirit, and a DCHG and of the Office of Public Works (OPW); and we are desire to return. working closely with both to explore ways to expand the space we occupy so that the collections – and our visitors – will have the experience they expect and deserve when they visit the
Chester Beatty.
Catherine Day Fionnuala Croke Chair of the Board of Trustees Director/CEO
Fionnuala Croke and Dr Catherine Day with President Michael D. Higgins
Report of the Trustees 2018 9 A detail from the Japanese Tale of Tawara Tōda 10(CBL J 1164) Chester Beatty Conservator, Alice Derham, Reportrepairs ofan the Indian Trustees miniature 2018 11 Mission
The enduring mission of the Chester Beatty is to maintain and preserve the Collections of the museum and to make them available in the most appropriate ways for the use and enjoyment of the public and for scholarly study and research, in order to promote a wider appreciation and understanding of the international cultural heritage embodied in the Collections and to foster relations between Ireland and the peoples whose cultures are represented in the Collections.
Researchers study the Manichaean Kephalaia in the Reference Library
12 Chester Beatty Material from the Islamic Collection ready for display in Gift of a Lifetime
Vision
The Chester Beatty will become widely known in Ireland and internationally as the pre- eminent centre in Ireland for the understanding of world cultures, advancing knowledge and engagement through our Collections, expertise and collaborations.
Report of the Trustees 2018 13 15,000 images launched with the Digital Collections Online 97% of visitors would recommend a visit to a friend 10% of the Collection digitised and freely available online (and growing!) 168,000 visitors to special exhibitions 349,317 visitors to the museum 586 public tours in 5 languages
14 Chester Beatty 80 18,146 works lent to institutions abroad Participants hosted at public events
215,000 1,150 viewers of the documentary volunteer hours contributed Chester Beatty: Honorary Irishman
37% 35 increase in public donations lectures, talks and tours delivered by staff
Report of the Trustees 2018 15 “It was all a great adventure.”
Chester Beatty on his lifetime of collecting The Irish Tatler & Sketch May 1956
A child gazes at a brightly-coloured Gospel book from16 18th-century Ethiopia (CBL W 912) Chester Beatty Report of the Trustees 2018 17 A display from the special exhibition, Miniature Masterpiece: The Coëtivy Hours
Primary Activities and Achievements
The Chester Beatty’s commitment to public service lies at the heart of everything it does. All activities fall under one of five strategic priorities, and underpinning each strategic priority is a desire to enhance the visitor experience and encourage ongoing engagement with the Collection. The Chester Beatty’s Strategic Priorities 2016–2020 are:
1. To safeguard, manage and develop the Collections 2. To enhance access, physically and digitally, to the Collections for diverse audiences 3. To promote intercultural dialogue and learning 4. To ensure the Chester Beatty is financially sustainable and cost effective in its operations 5. To attract, retain and develop our staff
18 Chester Beatty To safeguard, manage Researching the Collection The Chester Beatty encourages research as a core function and develop the Collections of its operation. In 2018 a major publication, Lapis and Gold: Exploring Chester Beatty’s Ruzbihan Qur’an by Dr Elaine Wright, retired Curator of Islamic Collections, was published in association with Paul Holberton Publishing. It is a significant Museums Standards Programme for Ireland catalogue on one of the museum’s most important and elaborately decorated sixteenth-century manuscripts. Reviews In July 2018 the Chester Beatty received an award for of the publication have featured in the Islamic Arts Magazine, maintenance of full accreditation under the Heritage Council’s Apollo magazine, the Irish Times, and the Art Newspaper. Museum Standards Programme for Ireland (MSPI). MSPI promotes professional standards in the care and management Staff members are encouraged to carry out research as a of collections in Irish museums, and maintenance of this core component of their roles. Over 35 papers in the form accreditation remains one of the key priorities in safeguarding of lectures, talks and tours based on the Collections were the Collection. delivered to international audiences. The Chester Beatty was also pleased to host a number of research symposia to which Conserving the Collection many colleagues made contributions. The Conservation Team had an eventful year with a number of special projects. In March, a team of seven scientists from Additions to the Collection the University of Perugia and University of Florence spent a The Chester Beatty acquires collection items according to a week carrying out non-invasive analysis on 34 folios from one strict acquisitions policy. So while additions to the collections of the museum’s earliest illuminated Qur’ans (CBL IS 1404). are rare, the Chester Beatty is delighted to announce the The analysis confirmed that the Qur’an is much earlier than acquisition of nine items to the archive in 2018. previously thought, dating to the early 8th century. Sponsorship for the team and all the necessary equipment was provided The first of these is a small notebook containing Beatty’s own through the EU funded Mobile Laboratory (MOLAB) notes in pencil on the Phillipps Collection which he and his programme. wife, Edith, inspected in the early 1920s. The majority of the notes are in Beatty’s hand, with some in Edith’s, including In June, the museum celebrated its Conservation Internship those relating to her gifts for him. The notebook appears to Programme by inviting previous interns back for a symposium have been left at Sotheby’s by Beatty in the 1930s, and was entitled Conserving the Past, Training for the Future. In total five donated to the Chester Beatty by Sotheby’s London in August. alumni presented insights into the impact the internship has had on each of their careers, and the positive influence the The second acquisition is comprised of eight children’s scheme has had on the professional network in Ireland, across books by Helen (Hetty) Burlingame Beatty, Chester Beatty’s Europe and beyond. The Chester Beatty is grateful to the niece. Written between 1949 and 1959 and published in Patrons and Heritage Council for their ongoing support for the the United States, five of the books are signed by the author delivery of this programme. and inscribed to ‘Uncle Chester’. The books were donated by Mrs Anne Dwan who had received the books as a gift some All of this was in addition to the busy schedule of on-going years ago. conservation projects and the preparation of objects for readers, digitisation and exhibitions. Each year the Chester Beatty undertakes a programme of rotations in the permanent Plans for the Future galleries to ensure preservation of the Collection and to keep The CB will continue to implement the highest standards of displays fresh for returning visitors. All objects underwent handling, conservation and care for the Collections in line with conservation ahead of display in the galleries, including a international best practice. number of Chinese textiles. The museum will continue to encourage research as a core function in order to ensure the future relevance of the Collections. To this end it will further partnerships with academic institutions and encourage collections-based teaching and research, and will ensure that a programme of sustained scholarly research drives our exhibitions and public programmes.
Report of the Trustees 2018 19 Children at a bilingual storytelling event
To enhance access to the Collections Engagement In a recent article in the Irish Times, arts commentator Aidan Collections for diverse audiences Dunne wrote, “The Chester Beatty [museum] can unveil a seemingly endless succession of great shows drawn from its own collection.” Indeed, 2018 featured a number of exhibitions showcasing the best of the Chester Beatty Collection. Digital Engagement The first such exhibition wasMiniature Masterpiece: The The Chester Beatty was delighted to launch a new website Coëtivy Hours (9 March–2 September 2018) which received in 2018, featuring its digital collections online together 136,000 visitors. Books of hours are a collection of prayers with an online catalogue. This will support the work of the intended for private use, and many were illuminated. Although museum, and provide visitors with a very special view into the described as the medieval ‘best seller’ due to the sheer remarkable collections of the Chester Beatty: number of surviving examples, their quality varies. The patron www.chesterbeatty.ie. dictated the number of miniatures and the level of decoration, while the style and palette were determined by the abilities Launched by Josepha Madigan, TD and Minister for Culture, of the workshop and availability of materials; and the Coëtivy Heritage and the Gaeltacht in December, the new website Hours (1443–45) is one of the finest examples to survive. offers improved wayfinding, event viewing and booking, and It was commissioned by Prigent de Coëtivy (1399–1450), overall enhanced public engagement functionalities. Perhaps bibliophile and Admiral of France, on the occasion of his the most exciting aspect is the unprecedented level of access marriage to Marie de Rais (1429–57). The exhibition featured and special view into the remarkable Collections of the 144 miniatures from the manuscript together with examples of Chester Beatty for remote visitors. other books of hours from the collection. Throughout 2018, an internal digitisation team was hard In October, Michael D. Higgins, President of Ireland, opened at work generating high resolution images of the museum a very special exhibition celebrating the 50th anniversary of collections for use by students, scholars, researchers and Beatty’s magnificent bequest.Gift of a Lifetime: Treasures the general public. These images, now openly available from Chester Beatty’s Collection (19 October 2018 – 28 online, will allow researchers of all disciplines to remotely April 2019) draws together the best and finest items from examine Collections objects with a level of detail that was his unique Collection. Each of the treasures selected is world unheard of only a few years ago. It will be exciting to see how renowned: such as the oldest surviving manuscript containing these remarkable new virtual resources will be used, and the four gospels of the Bible (200 – 250); one of the earliest the scholarship that emerges to help better understand the Qur’ans written on paper (1000 – 1001); and a rare illustrated Collections. copy of the great Persian epic Shahnama (early 1300s). At the time of launch, 2000 objects were available, representing approximately 10% of the museum Collection, a figure that will grow to 100% in years to come.
Minister Josepha Madigan compares a digital image to the original at the launch of the Digital Collections Online
20 Chester Beatty Children at a bilingual storytelling event
Curator, Jill Unkel, speaks about the Egyptian Love Poems on papyrus from c. 1160BC
Quality is the hallmark of Beatty’s collections and each Public Engagement item displayed is of the greatest beauty crafted for history’s The Chester Beatty is committed to extending access to most powerful rulers, from the poetry of China’s Qianlong the Collections, and continually seeks new ways to engage Emperor written in his hand and carved into tablets of jade, with the public. The museum spent the year focusing on to the Rosarium painted for Holy Roman Emperor Charles V. collaborations to open up the Collections to individuals living Over 32,000 people visited the exhibition in 2018 and it will with dementia and their carers. This was done primarily continue until April 2019. through the Azure programme, an initiative which aims to make art galleries and museums around Ireland dementia-friendly 2018 saw the return of the Tawara Tōda scrolls after a spaces. Such was the demand in 2018 for dementia-friendly three-year programme of conservation at Restorient Studio tours with specially trained guides that the Chester Beatty in Leiden, with the generous support of the Sumitomo scheduled an additional five tours, bringing the total up to 15 Foundation, Japan. The scrolls were digitised before their throughout the year. display in a special in-focus exhibition in the Arts of the Book gallery (29 June 2018 – 13 January 2019). Furthering the theme of dementia-friendly spaces, Dublin’s Culture Connects, a programme seeking to embed community- The Chester Beatty also lends its Collection to institutions centred and citizen-focused culture in the everyday life of the around the world, further increasing its visibility and reach. city, collaborated with the Chester Beatty to explore how the In 2018, two Indian miniatures (CBL In 07A.16 and In 41.3) museum’s roof garden could be adapted for visitors living with travelled to the J. Paul Getty Museum in Los Angeles for the dementia. The project concluded with a celebration and in- exhibition Rembrandt and the Inspiration of India. One of the focus exhibition; podcasts, images and a family trail have been miniatures was featured on the cover of the catalogue. The added to an Education blog on wellbeing. Ulster Museum in Belfast borrowed the exhibition Wicked Wit: Darly’s Comic Print, originally displayed in the Chester Beatty Looking to enhance the public circulation spaces for all in 2015/16. visitors, the Chester Beatty installed new, more accessible internal wayfinding signage and volunteered to be assessed under Fáilte Ireland’s Attraction Experience Benchmarking and Feedback Scheme. The report was overwhelmingly positive, but highlighted a few areas for improvement which will be addressed in 2019.
Report of the Trustees 2018 21 The Chester Beatty exterior
Visibility on the life of Beatty. For the Annual Lecture, the 2018 speaker, Visitor Numbers Dr Inge Reist, was interviewed by Sean Rocks on RTE’s Arena, 2018 saw a substantial growth in visitor numbers, up to nearly while a photograph of the conservation lab was featured in the 350,000 from 335,000 the previous year, a significant increase Irish Times’ ‘Images of the Year’ segment. The Director gave an considering there were eight days of forced closure due to interview and was the focus of a feature piece in the Business severe weather and the papal visit to Dublin in August. Post, and she along with the Head of Collections, East Asian Curator, Islamic Curator and Registrar were featured in an Irish New Branding Times article entitled ‘The women keeping Chester Beatty’s Increased footfall coincided with a major rebranding of the bequest to Ireland’. The website launch and newly-published Chester Beatty’s corporate identity, and a refreshed design and online collections were covered extensively in the media: the modern new logo has revitalised the museum. Increasingly it Director also spoke on Morning Ireland about the importance was found that visitors were referring to the museum as simply of the collections online, and the launch itself was featured the ‘Chester Beatty’, and this is reflected in the new logo. The on RTÉ’s Six One News. All exhibitions throughout the year name is complemented with a stylised device that derives from received significant coverage, while the Education Team was a nineteenth-century Japanese directory of family crests; the featured in a piece in the Irish Times on the Azure dementia- motif, however, can be found right across the Asian, Islamic friendly programme. The Chester Beatty was recommended and Western manuscripts and so encapsulates the variety as a top attraction in Ireland by Rough Guides, Condé Nast and shared characteristics of Beatty’s exceptional collections. Traveler, the Yorkshire Evening Post, the Lovin’ Dublin blog, the New banners featuring the new logo and images from the United Airlines in-flight magazine and theDaily Mail. Collection were raised at the front of the building, improving visibility from the Dublin Castle Gardens. Plans for the Future Documentary The launch of the CB’s new website with the first phase of In collaboration with RTÉ and production company New the digital Collections online was a major achievement for the Decade, and with the generous support of the Department museum. The ultimate goal is to digitise and make available of Culture, Heritage and the Gaeltacht, the Chester Beatty online the Collection in its entirety, increasing the visibility and commissioned a one-hour documentary film celebrating reach of the CB and making it accessible to a whole audience, Beatty, his Collection and the work of the museum. The wherever they may be in in the world. documentary, Chester Beatty: Honorary Irishman, aired on RTÉ 1 during the Christmas period in a prime time slot. Viewing The digital project will seek to enhance visitor experience and figures show that around 20% of the television audience encourage new ways of engaging with the Collection, both tuned in to see the programme, which equates to roughly online and in the museum. 215,000 viewers. The CB will increase the number of Collection objects Media Coverage available online, increase the number of virtual visitors to the Media coverage throughout the 50th anniversary year Collections and thus drive additional physical visitors to the was exceptional. Beginning with the launch of the year’s museum, and engage with relevant digital communities to programme of events in January, the Chester Beatty featured support best practices and innovative exploration. on a Nationwide segment, and the Journal.ie published a video
22 Chester Beatty To promote intercultural For children, the museum offers three programmes: Tiny Fingers, Little Toes for pre-school-aged children, the Silk Worm dialogue and learning Club for ages 6 to 11, and the Creative Lab Club for teens. The collections-based workshops had children creating their own lucky red envelopes to celebrate Chinese New Year and making scrolls to mark the year of the Dog; illuminating their As Ireland’s centre for intercultural dialogue and learning, the own ‘medieval’ manuscript page and exploring printmaking; Chester Beatty seeks to be a leader in intercultural exchange. and discovering the wonders of 3D printing and curating an Foremost in its strategy is a commitment to strengthen the exhibition. The museum also trialled a series of yoga classes museum’s international profile and to enhance its intercultural for the Silk Worm Club, where children were encouraged to engagement. This is achieved by putting the collection at the relax and meditate in the peaceful surrounds of the Collection. heart of all outreach and public programming. Science Week, in collaboration with the Gaiety School of Acting and funded by Science Foundation Ireland, featured a number Annual Lecture of science-themed workshops for young people which brought For the 2018 Annual Lecture, the Chester Beatty was to life some of the more scientific items in the Collection. delighted to welcome Dr Inge Reist, Director of the Center for the History of Collecting at the Frick Collection in New The public programme for adults comprised an exciting York. Her lecture, An Embarrassment of Riches: Art Collecting programme of talks, films, workshops and activities. Workshops in Gilded Age America, complemented the 50th anniversary- complemented the exhibitions and celebrated events such as themed programme of events, contextualising Chester Beatty Thai Cultural Day, the Bealtaine Festival, the Dublin Chinese and his Collection alongside some of his contemporaries. New Year Festival, the Experience Japan Festival, National Heritage Week and Diwali, as well as the Arabic, Greek and Japanese film festivals. Public Programme The Chester Beatty takes great pride in its public programme as it strives to enhance understanding and enjoyment of the Culture Night Collection. Using the Collections as a backdrop, the public The museum hosted a number of successful events to coincide programme celebrates cultures from around the world and with Culture Night. The building was open late and welcomed incorporates important cultural festivals. It is also themed families for special tours, workshops and storytelling. Three to accompany a particular exhibition, and is comprised of a Culture File interviews by Luke Clancy focusing on the Chester selection of workshops for children, workshops for adults, Beatty were broadcast on RTÉ Lyric FM Lorcan Murray’s Classic tours, talks, films, activities and performances. Drive during the week leading up to Culture Night.
Children at a bilingual storytelling event
Report of the Trustees 2018 23 24Detail from a jade book (CBL C 1001) Chester Beatty Conservator, Julia Poirier, repairs the binding of the Turkish Report of the Trustees 2018 Cream of Histories ahead of its display in Gift of a Lifetime 25 Silk Worm Club: Children explore the Persian Shahnama and create magical, colourful birds
Intercultural Schools Making Museum Project Funded by Creative Ireland and the Irish Human Rights and The Chester Beatty is pleased to be one of the co-coordinators Equality Commission, the Chester Beatty began conducting a of the EU funded Making Museum project which builds on research and development project to design and pilot a model for the success of the Creative Museum project. The aim of an Intercultural Schools Programme, the first of its kind in Ireland. Making Museum is to provide a sustainable platform for the This will be supported by an innovative online CPD programme dissemination of the ‘toolkits’ developed by Creative Museum for teachers. The programme seeks to promote social cohesion, beyond the museum environment to a range of activities such embrace cultural diversity, combat racism and foster inclusive and as workshops and conferences. nurturing environments in schools across Ireland.
The museum will work in partnership with experts from the Plans for the Future formal education sector, including Mary Immaculate College The CB will continue to promote existing and develop new and Maynooth University, to develop and implement an onsite teacher resources and actively seek to engage and facilitate programme for children and young people under the age of CPD training for teachers. 18. The project is scheduled to run until 2020, and the Chester Beatty is excited to see how it will develop. The museum will also continue to develop relationships with all communities in Ireland and include their voice in its public programming. Mother Tongues The Chester Beatty is proud to have partnered with Mother Tongues Ireland, an organisation that aims to raise awareness of the benefits and challenges associated with bilingualism. In 2018, the museum contributed to the Language Explorers activity book. Described as an essential resource for teachers who want to embrace a multilingual approach in their teaching, this publication is based on bilingualism in the Chester Beatty Collections. The museum is delighted to announce that Language Explorers won two awards, the European Language Label and the Dublin Bus Community Spirit award.
26 Chester Beatty To ensure the Chester Beatty The Chester Beatty is grateful to Mr Gregory Annenberg Weingarten, Vice President and Director of the Annenberg is financially sustainable and Foundation and Founder of GRoW@Annenberg for his kind cost effective support of the ‘Gift of a Lifetime’ exhibition. The DCHG also generously contributed to the the ‘Gift of a Lifetime’ exhibition and helped the museum to truly celebrate the 50th anniversary of Chester Beatty’s gift to the nation by funding the making of the documentary Chester Beatty: Sponsorship Honorary Irishman in partnership with RTÉ. The Chester Beatty is grateful for the annual grant it receives from the Department of Culture, Heritage and the Gaeltacht The Chester Beatty’s Education Department continues to (DCHG) which enables it to carry out its core mission. The attract support for its activities. Thanks to matching grants museum is also deeply appreciative of the support provided by from the Irish Human Rights and Equality Commission and the the following sponsors whose donations have had a significant Creative Ireland Programme, the museum embarked on the impact on our activities. first stage of an eighteen–month research and development project to establish a new intercultural schools’ programme. The DCHG generously contributed to the ongoing development of the Chester Beatty’s Digital Programme under The Heritage Council continued its wonderful support of the government’s Digitisation Scheme, which is part of the the Conservation Internship in 2018. This programme, Creative Ireland Programme. Thanks to this funding, together which started in 2006, provides interns with an exceptional with a generous gift from a corporate sponsor, the museum opportunity to train as part of our leading Conservation Team. launched a new website, opening its new digital collections Graduates from the programme have gone on to work in to a global audience for the first time. The Chester Beatty is prestigious institutions around the world including the British very grateful to Mr Dermot Desmond whose leadership gift has Library, the National Trust, the National Library, the Bodleian provided crucial core support for this project. Library and the Royal Collection Trust.
The exceptional work carried out by our Conservation Finally, the Chester Beatty wishes to thank the American Department continues to attract support from all over Friends of the Arts in Ireland (AFAI) for its ongoing support the world. Thanks to a generous corporate donation, the of the collections cataloguing programme which continues Conservation Team progressed the essential treatment on to significantly enhance the museum’s activities. As a 501(c) an eighth-century Qur’an (CBL Is 1404), and completed the (3), the AFAI further aids the work of the Chester Beatty by conservation of some of the greatest treasures in the collection facilitating gifts from donors based in the United States. ahead of the ‘Gift of a Lifetime’ exhibition. With the kind support of the Turkish Cultural Foundation (TCF), the treatment of a rare edition of Katip Çelebi’s Cihannuma (Mirror of the World) printed by Ibrahim Müteferrika in 1732 (CBL AA 306) was completed.
Curator, Moya Carey, gives a tour of a new exhibition to volunteer guides
Report of the Trustees 2018 27 Membership Programme Events In March 2018, the Chester Beatty was pleased to welcome The museum is becoming increasingly popular for private a new Membership and Development Officer to manage the and corporate events. We have hosted a range of events, thriving programme. Over the course of the year, the Friends from private corporate mixers to training day sessions and had the opportunity to gain a behind-the-scenes insight of the have noticed an increased interest in private tours from travel museum’s conservation and digitisation programmes as well agencies. These events have provided the Chester Beatty with as experience different elements of world cultures through the opportunity to gain access to new audiences, introducing music, cookery, talks, film screenings, book club meetings and our collection to people who would not normally visit. Many tours. In particular, the Friends broadened their knowledge conference delegates have returned with their families at the of Chinese history, art and architecture through a special weekend to visit the galleries and participate in children’s programme of talks and workshops, culminating in a trip to workshops; while a number of the guests to private events China in October. They also explored cultural sites closer to have also joined the museum’s Friends programme. home such as Newgrange and Loughcrew, as well as private visits to the Temple Bar Gallery & Studios and the Royal The Giftshop Hibernian Academy. The Chester Beatty Shop enhances the visitor experience with The museum would like to thank all of our Friends, both old bespoke items related to the displays and a range of gift ideas. and new, for the enthusiasm and commitment they show the Chester Beatty. It is particularly grateful to the small but ever growing Curators’ Circle: Ms Karlin Lilington and Mr Chris The Silk Road Café Horn, Ms Susann Claffey, Mr Brendan Hannigan and Ms Maria The Café is an ever-popular resource and complements a Carvalho, Mr Patrick Mooney, and Dr Geraldine O’Sullivan visit to the museum. It also caters for conference delegates, whose wonderful support has made such a difference to our evening receptions and all external events. conservation and exhibition programme, and also to all of our Patrons, without whom our Conservation internship would not Plans for the Future be possible. The CB will continue to engage with new sponsorship and develop its revenue streams including the Gift Shop, Café, Membership Programme and commercial hire.
Conservator, Kristine Rose-Beers, sets up an exhibition display
28 Chester Beatty Installing miniatures for the exhibition Miniature Masterpiece
To attract, retain and develop Volunteers The Chester Beatty would not be able to achieve the reach our staff it does without the generous support of its volunteers who contributed over 1,150 valuable hours in 2018. Volunteers donate their time at the reception desk, helping in the shop and leading all scheduled and ad hoc tours. Performance Management and Appraisal The Chester Beatty would like to acknowledge the work and The museum has a Performance Management and Appraisal commitment of the two volunteers who ‘retired’ from service in process which operates on an annual cycle. One of the goals 2018: Mr Jack FitzGerald and Ms Maura Fennell. of the performance appraisal system is to provide for future development of all employees. At each appraisal the staff member’s training and development is discussed with their Plans for the Future supervisor and any future training needs are identified and The CB will continue to work with DCHG to implement recorded. These training needs are fed into the Training Plan the CB’s Workforce Plan to ensure that staffing levels are for the coming year. appropriate to meet the current and future needs, so that the museum can meet its strategic objectives.
Staff Development and Training The CB will continue to support staff in their roles, The Chester Beatty provides support for employee learning promoting good work practice, communication and personal and development through four key strands: attendance at development in their professional roles. training courses; attendance at conferences and seminars; support for academic courses which are either role-related or more broadly related to skills required by the organisation; and finally reimbursement of professional membership where some benefit is conferred to the museum.
In 2018, with the support of the museum, Celine Ward, Reference Librarian, completed her Postgraduate Diploma in Archives and Records Management with the University of Dundee. Many other staff members benefit from the training and development programme, and colleagues began longer- term courses of study in the areas of corporate governance and leadership and strategy; they attended 13 academic and professional conferences; and took part in more than 10 workshops, seminars and short professional training courses.
Report of the Trustees 2018 29 Adult workshop: Ink drawing inspired by the Chinese Collection
30 Chester Beatty Chester Beatty Staff
Fionnuala Croke, Conservation Operations Alan Fitzgerald, Director Kristine Rose-Beers, Derval O’Carroll, Attendant Senior Book Conservator Head of Operations Claire Dukes, Val Kavanagh, & Administration Executive Assistant Julia Poirier, Attendant to the Director Book Conservator Mary Corless, Colm Kiernan, Human Resources Alice Derham, Attendant Development Manager Heritage Council Brendan Lynch, Lucy Durack, Conservation Intern (until Anne Dillon, Attendant Head of Development December 2018) Finance Manager John McMahon, Sabhbh Ní Mhaolagáin, Adam Macklin, Colin Kavanagh, Attendant Membership & Heritage Council Information & Development Officer Conservation Intern Communication David Steele, (since March 2018) (since November 2018) Technology Manager Attendant Caroline O’Hora, Events Coordinator Education Shop Volunteers Jenny Siung, Rie Mishima, Tour Guides Collections Head of Education Shop Manager Hiromi Anzai Asmaa Ashour Jessica Baldwin, Justyna Chmielewska, Penny Wu, Joan Barnewell Head of Collections Education Officer Shop Assistant Noeleen Bryan & Conservation Dr Heidi Campbell, Kathryn Ducie, Diana Delia Dr Moya Carey, Education Assistant Shop Assistant Costanza Ficorella Curator of Islamic (May–August 2018) Tasneem Filaih Collections (since Kurt Kullmann September 2018) Digital Eimear Tynan, Patricia McCabe Tim Keefe, Shop Assistant Nateghe Moane Laura Muldowney, Head of Digital (since November 2018) James Meehan East Asian Researcher Brian O’Neill Sinéad Ward, Dr Mary Redfern, Mary O’Riordan Digital Curator Security and Curator of East Asian Front of House Jo O’Rourke Collections Cydney Thompson, Margaret Roche James Curran, Digital Workflow & Orla Ryan Dr Jill Unkel, Facilities & Security Project Manager Ronan Stewart Curator of Western Manager (until October (since October 2018) Jin Zhao Collections 2018) Orla Keeshan, Felicia Tan, Justin Rovira Kearney, Digital Photographer Visitor Services Registrar Facilities & Security Jon Riordan, Representatives Jenny Greiner, Manager (since Digital Photographer Margaret Brady Curatorial Assistant September 2018) Noel Gorman (Digital) (July–December Philip Roe, Kevin Hackett, Mary Neville 2018) Photographic Services Senior Attendant Assistant (until Jesse Beers, September 2018) Retail Assistants Reference Library Attendant Jenny Greiner, Mary Gallagher Celine Ward, Mella Cahill, Digital Services Assistant Monika Padiasek Reference Librarian Attendant (since December 2018) Dr Hyder Abbas, (since May 2018) Graphic Design Assistant Librarian Claire Carroll, Assistant Attendant (June– Emma Byrne December 2018) David Farrelly, Attendant
Report of the Trustees 2018 31 Filming for the documentary Chester32 Beatty: Honorary Irishman Chester Beatty ‘Sir Alfred Chester Beatty is a citizen of the world – one of those of whom it may be said that his heart is no island cut off from other lands, but a continent that joins them together.’
President Seán T. O’Kelly Irish Times 8 August 1951
Report of the Trustees 2018 33 2018 Financial Review
The Chester Beatty has presented its financial statements complying with FRS 102 and Charities SORP, and accordingly this summary review is included.
Total income was €3,602,328, of which the primary source management and conservation of the collections, exhibitions of funding was a Grant from the Government (DCHG). Grants and education, along with a portion of the support costs received from the DCHG increased by 12% in 2018, compared attributable to the charitable activities. to 2017. Fundraising costs incurred include the costs of operating The CB benefitted by €120,000 from DCGH’s Digitised the Gift Shop, investment management fees and other costs Collections Funding Scheme during 2018 (€80,000 in 2017). associated with the running of events, tours and workshops, The DCHG gave an additional grant of €100,000 in 2018 to along with a portion of the support costs attributable to the mark the 50th Anniversary of the CB; this grant went towards fundraising costs as defined under the SORP. the production of a documentary and the Gift of a Lifetime Expenditure and cash-flow continued to be tightly controlled Exhibition. The contributions from philanthropic donations, and were managed within incoming resources in 2018. grants and the DCHG digitisation funding continues to provide critical funding in support of CB’s charitable activities. Total expenditure was €3,479,599 in 2018 (€3,281,382 in 2017), an increase of 6%, €198,217. About 50% is due to the Trading income remained constant in 2018 with revenue 50th generated amounting to €404,434. Anniversary grant from the DCHG. The balance was due to increased staff numbers; the average number of staff in 2018 Investment income from CB’s Development Fund was €23,611 was 41 compared to 36 in 2017. The CB continued to invest in 2018 (€20,345 in 2017) and was reinvested. in the development of a Digital Department, and in-house digitisation of the Collections continued in 2018. In December As per the SORP, the expenditure is broken down between the first phase of the digital Collections online was launched. the cost of charitable activities, costs of fundraising and other costs. Costs of charitable activities include costs such as
34 Chester Beatty Structure, Governance and Management
Governance Statement The Chester Beatty is a public self-governing charitable trust established under the terms of the Will of Sir Alfred Chester Beatty (1875–1968), which was granted probate in 1968.
It is in the ownership of a Board of Trustees, appointed under • business skills the terms of Chester Beatty’s Will, as modified by an order of • the needs of the academic community the High Court in 1997, who hold it for the use and benefit of • working relationships with Government and local authorities the public. The museum is one of Ireland’s National Cultural Institutions and is supported by a grant from the Department • legal matters and public presentation skills of Culture, Heritage and the Gaeltacht. All newly appointed members to the Board of Trustees will be While the Board of the Chester Beatty is not a State Board, offered induction training to suit their needs and information it is, however, committed to compliance with best practice about the work of the Trust. There were four new appointments corporate governance and is cognisant of the Code of Practice in 2018, and all were sent information packs with all relevant for the Governance of State Bodies. Since its publication in documents. An induction day for new Trustees will follow early 2018, the Charities Governance Code is the primary source for in the new year. guidance on governance given the museum’s legal standing.
The Chester Beatty maintains a Trustees’ Handbook which is The Board regularly updated, and which outlines the duties of the Board Conduct and Business of the Board and responsibilities of the Director, Chair and Trustees. A full agenda with appropriate documentation is circulated on the Friday prior to Board meetings and decisions taken are Governance Framework recorded in the minutes.
A Code of Governance was first approved by the Board of The Board may from time-to-time appoint special committees Trustees at its meeting on 17 July 2013. It was amended at to consider items of detail between meetings of the Board. the meeting of 17 June 2015, and again at the meeting of 15 December 2017. The Code of Governance sets out that: Trustees will debate all issues in a friendly and measured • all Trustees of the Board share responsibility for Board manner encouraging contributions and consensus. Trustees decisions will facilitate the hearing of all sides of a debate before decisions are made. • members of the Board will always act in the best interests of the Trust Values and Principles of the Board • members of the Board will not act on behalf of any interest Openness group or constituency when dealing with affairs of the Trust The Trust will publish a report as part of the year-end financial • according to the terms of Chester Beatty’s Will, a quorum of statements. This report will contain information on the Trust 5 Trustees is required for decisions of the Board and its work over the previous year. It will also contain information on the Trust’s officers and Trustees. The Board of Trustees requires a variety of experience and Equality of opportunity understanding to enable it to discharge its responsibilities. In The Trust has an agreed equal opportunities policy which is particular it will ensure that it numbers among its membership implemented in terms of provision of services, the membership persons who have experience and understanding of: and operation of the Board/Committees and the buying of goods and services and contracting procedures.
Report of the Trustees 2018 35 Health and Safety • draw the Board’s attention to matters that require The Trust has an agreed Health and Safety policy which it acts consideration and decision in accordance with in all its activities, within its offices and on • ensure that the Board is given the information and advice its site. necessary to perform its duties
Conduct and propriety • ensure that the proper systems of control are established The Trust will ensure that the private or personal interests and maintained of Trustees will not influence decisions and that they are • supervise the preparation of documents for consideration by meticulous about declaring conflicts of interest however the Board remote. Gifts will not be accepted by Trustees. • assist the Chair in ensuring the business of the Board is properly conducted Essential functions of the Board The essential functions of the Board are to: • appoint the Director • lead and manage the staff of the Chester Beatty • define the values and objectives of the Trust within the limits • represent the Trust of the Chester Beatty bequest and Will The Director has a number of senior staff who act as heads of • establish policies and plans to achieve those objectives certain functional areas. In 2018 these were: • approve the annual budget and final accounts Jessica Baldwin, Head of Collections & Conservation • oversee a framework of delegation and system of control Tim Keefe, Head of Digital • be responsible for all decisions with significant financial or Derval O’Carroll, Head of Operations & Administration other risk or which raise issues of principle Trustees • monitor the Trust’s performance against agreed indices The Board of Trustees consists of a maximum of twelve • monitor the implementation of the Strategic Plan members, one each of whom is appointed by the President and Taoiseach, and three by the Minister for Culture, Heritage and the Gaeltacht. The Director of the National Library Essential Duties of the Chair serves as a Trustee ex officio. All other Trustees are co-opted. The responsibilities of the Chair are to: The Trustees elect the Chair. Since 1997 the Trustees are • ensure the efficient conduct of the Board and general appointed or co-opted to serve five-year terms and may serve meetings a maximum of two consecutive five–year terms. • ensure that Trustees have the opportunity to express views before important decisions are taken Trustees on appointment are required to sign a Trustees’ Contract, thereby registering a commitment to: • provide support for the Director in a constructive relationship • uphold the values, objectives and policies of the Trust • ensure that the Board gives appropriate delegated responsibility to the Chair • contribute to the decision making process during and outside of meetings • ensure that the Board receives professional advice as necessary • contribute to and share responsibility for decisions made • ensure that the Trust complies with its Code of Governance • prepare for meetings by reading papers circulated beforehand • represent the Trust • respect the confidentiality of information at all times • take decisions delegated to the Chair on the advice of the Director and consult as appropriate with other Trustees • uphold the Trust’s ‘Code of Governance’ • make recommendations on the composition of the Board • declare any relevant potential conflict of interest and report on the performance of the individual members of • represent the Trust occasionally at public events the Board when necessary • attend Board / Committee meetings and seminar days • give due notice of decision to resign from the Board/ Essential Duties of the Director Committee The Board of Trustees has agreed the essential duties of the • assist with HR matters as required Director are to: • manage the Trust in accordance with its values and Trustees do not receive any remuneration, aside from objectives and in accordance with the policies and decisions modest receipted expenses incurred, while carrying out determined by the Board their duties. All expenses are paid in accordance with the • advise the Board on policies guidelines and rules set down by the Department of Public Expenditure and Reform.
36 Chester Beatty Upon completion of their term, Trustees are required to return Audit and Finance Committee all Board-related documents and other relevant material to As of 2018 the only committee of the Board is the Audit the Director’s Office. In addition, any copies of Board-related and Finance Committee. The role of the Audit and Finance documents (including but not limited to electronic copies) Committee is, as part of the ongoing systematic review of howsoever stored (including but not limited to on electronic the control environment and governance procedures within devices) and all related back-up materials should be deleted Chester Beatty, to report to the Board of Trustees and advise upon completion of term as a Trustee. the Director on internal control and audit matters.
The Trustees of the Chester Beatty in 2018 are: The Committee also has a role in promoting good accounting practices, ensuring better and more informed decision-making Dr Catherine Day: and improved focus on value for money throughout the appointed November 2015; elected Chair September 2017 organisation. The Committee also oversees the internal audit Mr Eamonn Ceannt: function and advises the Board of Trustees and the Director in appointed December 2013; term finished September 2018 relation to the operation and development of that function.
Sir Marc Cochrane: The Committee furthermore oversees the implementation appointed 1988 of the Risk Management Policy, which was approved by the Board of Trustees on 22 February 2012. An annual review Dr Sandra Collins: of the policy and controls is carried out by the Risk Steering appointed July 2015; ex officio Committee, which comprises of the Senior Management Team and is chaired by the Director. Mr Dermot Desmond: appointed July 1991 Membership of the Audit and Finance Committee is:
Ms Clare Duignan: Dr Catherine Day (Chair) appointed July 2018; Ministerial appointment Mr John B Dillon (External) Sir Marc Cochrane Mr David Gillett: Professor Roger Stalley appointed July 2018; Ministerial appointment The Audit and Finance Committee met three times in 2018. Professor Kathleen James-Chakraborty: appointed March 2010; reappointed 2015
Professor Brian McGing: appointed September 2013; reappointed September 2018; Taoiseach’s appointment
Mr John Neary: appointed November 2018; Ministerial appointment
Mr Tony O’Grady; appointed June 2018
Professor Roger Stalley; appointed 1993; Presidential appointment
The Board of Trustees met five times in 2018.
Report of the Trustees 2018 37 “The Chester Beatty can unveil a seemingly endless succession of great shows drawn from its own collection.”
Aidan Dunne Irish Times 8 December 2018
38 Chester Beatty Textile conservator, Karen Horton, Report of the Trustees 2018 prepares a thangka for display39 Reference and Administrative Details
History and Organisation The Chester Beatty is the pre-eminent Irish museum promoting appreciation and understanding of world cultures.
It houses a world class collection of manuscripts, miniature Advisors paintings, prints, drawings, rare books and other objects d’art Investment Managers: from across Europe, the Middle East, North Africa and Asia. Goodbody The Collections were assembled by Sir Alfred Chester Beatty Ballsbridge Park (1875 – 1968), a successful American mining engineer, Ballsbridge collector and philanthropist. Dublin 4
The CB is a public self-governing charitable trust established Auditors: under the terms of the Will of Sir Alfred Chester Beatty, which PricewaterhouseCoopers was granted probate in 1968. It is in the ownership of a Board Chartered Accountants and Registered Auditors of Trustees, appointed under the terms of Chester Beatty’s Will, One Spencer Dock as modified by an order of the High Court in 1997, who hold North Wall Quay it for the use and benefit of the public. The CB is one of the Dublin 1 National Cultural Institutions and is supported by a grant from the Department of Culture, Heritage and the Gaeltacht. Solicitors: Arthur Cox Solicitors The Board of the CB is not a State Board. The CB is, however, Earlsfort Centre committed to compliance with best practice corporate Earlsfort Terrace governance and is cognisant of the Code of Practice for the Dublin 2 Governance of State Bodies. Further information on Trustees, organisational structure, management and governance can be Banking: found under the Governance Statement. Allied Irish Bank plc 40-42 Ranelagh The principal address of the charity is: Dublin 6 KBC Bank, Chester Beatty Sandwith Street, Clock Tower Building Dublin 2 Dublin Castle Dublin 2 D02 AD92 Registered Charity no. CHY 5879
40 Chester Beatty Trustees’ Responsibilities Statement
The enduring mission of the Chester Beatty (here and after referred to as CB) is to maintain, preserve, display and interpret the Collections of the CB.
The Trustees are responsible for preparing the Trustees’ report The Trustees are responsible for keeping adequate accounting and the financial statements in accordance with Irish law. records that are sufficient to:
Irish law requires the Trustees to prepare financial statements • correctly record and explain the transactions of the CB; and for each financial year giving a true and fair view of the CB’s • enable, at any time, the assets, liabilities, financial position assets, liabilities of the CB and financial position at the end of the and net income or expenditure of the CB to be determined financial year and the net income or expenditure for the financial with reasonable accuracy. year. Under that law the Trustees have prepared the financial statements in accordance with Generally Accepted Accounting The Trustees are also responsible for safeguarding the assets Practice in Ireland (accounting standards issued by the Financial of the CB and hence for taking reasonable steps for the Reporting Council of the UK, including Financial Reporting prevention and detection of fraud and other irregularities. Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and promulgated by the Institute of Chartered Accountants in Ireland and Irish law). Trustees Dr Catherine Day Under Irish law, the Trustees shall not approve the financial Prof. Roger Stalley statements unless they are satisfied that they give a true and fair view of the CB’s assets, liabilities and financial position as at the end of the financial year and the net income or Director/Librarian expenditure of the CB for the financial year. Ms Fionnuala Croke In preparing these financial statements, the Trustees are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • state whether the financial statements have been prepared in accordance with applicable accounting standards and identify the standards in question, subject to any material departures from those standards being disclosed and explained in the notes to the financial statements; and • prepare the financial statements on a going concern basis unless it is inappropriate to presume that the CB will continue in business.
Report of the Trustees 2018 41 Independent Auditors’ Report to the Trustees of the Chester Beatty
Report on the audit of Conclusions relating to going concern We have nothing to report in respect of the following matters the financial statements in relation to which ISAs (Ireland) require us to report to you where: • the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not Opinion appropriate; or In our opinion, the Chester Beatty’s financial statements: • the Trustees have not disclosed in the financial statements • give a true and fair view of the state of the museum’s affairs any identified material uncertainties that may cast significant as at 31 December 2018 and of its surplus and cash flows doubt about the CB’s ability to continue to adopt the going for the year then ended; and concern basis of accounting for a period of at least twelve months from the date when the financial statements are • have been properly prepared in accordance with Generally authorised for issue. Accepted Accounting Practice in Ireland (accounting standards issued by the Financial Reporting Council of the UK, including Financial Reporting Standard 102 “The However, because not all future events or conditions can be Financial Reporting Standard applicable in the UK and predicted, this statement is not a guarantee as to the CB’s Republic of Ireland” and promulgated by the Institute of ability to continue as a going concern. Chartered Accountants in Ireland). Reporting on other information We have audited the financial statements, included within the The other information comprises all of the information in the Annual Report, which comprise: Annual Report other than the financial statements and our • the balance sheet as at 31 December 2018; auditors’ report thereon. The Trustees are responsible for the • the statement of financial activities for the year then ended; other information. Our opinion on the financial statements • the statement of cash flow for the year then ended; does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise • the statement of changes in equity for the year then ended; explicitly stated in this report, any form of assurance thereon. and • the notes to the financial statements, which include a In connection with our audit of the financial statements, our description of the significant accounting policies. responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge Basis for opinion obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or We conducted our audit in accordance with International material misstatement, we are required to perform procedures Standards on Auditing (Ireland) (“ISAs (Ireland)”). Our to conclude whether there is a material misstatement of the responsibilities under ISAs (Ireland) are further described financial statements or a material misstatement of the other in the Auditors’ responsibilities for the audit of the financial information. If, based on the work we have performed, we statements section of our report. We believe that the audit conclude that there is a material misstatement of this other evidence we have obtained is sufficient and appropriate to information, we are required to report that fact. We have provide a basis for our opinion. nothing to report based on these responsibilities. Independence We remained independent of the CB in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, which includes IAASA’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
42 Chester Beatty Responsibilities for the financial statements Use of this report and the audit This report, including the opinion, has been prepared for and Responsibilities of the Trustees for the financial statements only for the Trustees and for no other purpose. We do not, in As explained more fully in the Trustees’ responsibilities set out giving this opinion, accept or assume responsibility for any on page 21, the Trustees are responsible for the preparation other purpose or to any other person to whom this report is of the financial statements in accordance with the applicable shown or into whose hands it may come, including without framework and for being satisfied that they give a true and fair limitation under any contractual obligations of the CB, save view. The Trustees are also responsible for such internal control where expressly agreed by our prior consent in writing. as they determine is necessary to enable the preparation of PricewaterhouseCoopers financial statements that are free from material misstatement, Chartered Accountants whether due to fraud or error. Dublin In preparing the financial statements, the Trustees are responsible for assessing the CB’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the CB or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at: http://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f- a98202dc9c3a/Description_of_auditors_responsibilities_for_ audit.pdf.
This description forms part of our auditors’ report.
Report of the Trustees 2018 43 Statement of Financial Activities Financial Year Ended 31 December 2018
Department of Culture, Notes Designated Unrestricted Restricted Total Designated Unrestricted Restricted Total Heritage and the funds funds funds 2018 funds funds funds 2017 Gaeltacht € € € € € € € €
Income and endowments from:
– Grant - 2,520,000 - 2,520,000 - 2,346,000 - 2,346,000
– Capital grant - - 175,000 175,000 - - 175,000 175,000
– Other grant 4 - - 220,000 220,000 - - 80,000 80,000
Donations and 5 - 122,309 132,970 255,279 - 155,611 219,453 375,064 sponsorships
Trading activities 6 - 404,434 - 404,434 - 402,753 - 402,753
Investment income 7 411 2,985 24,218 27,615 630 4,250 21,300 26,180
Total income 411 3,049,729 552,188 3,602,328 630 2,908,614 495,753 3,404,997
Expenditure on:
Charitable activities 9 - 2,255,158 477,246 2,732,404 - 2,191,659 334,956 2,526,615
Raising funds 10 - 575,291 21,694 596,985 - 589,712 21,075 610,787
Pension - 150,211 - 150,211 - 143,980 - 143,980
Total expenditure - 2,980,660 498,940 3,479,599 - 2,925,351 356,031 3,281,382
Net income/(expenditure) 12 411 69,069 53,248 122,729 630 (16,737) 139 ,722 123,615 before gains/losses on investments
(Losses)/Gains from 8, 15 - - (101,500) (101,500) - - 99,891 99,891 investments held at MV
Net income/(expenditure) 411 69,069 (48,252) 21,229 630 (16,737) 239,613 223,506
Transfer between funds
Investment return to (99,582) - 99,582 - 99,178 - (99,178) - Development Fund
Net movement in funds (99,171) 69,069 51,330 21,229 99,808 (16,737) 140,435 223,506
Total funds at beginning 19 1,693,669 1,165,730 1,899,157 4,758,556 1,593,861 1,182,467 1,758,722 4,535,050 of the year
Total funds at end of year 19 1,594,498 1,234,800 1,950,487 4,779,785 1,693,669 1,165,730 1,899,157 4,758,556
The CB has no recognised gains and losses other than those included in the surplus above. All of the amounts detailed above relate to continuing operations.
Trustees Director/Librarian Dr Catherine Day Ms Fionnuala Croke Prof Roger Stalley
44 Chester Beatty Balance Sheet As at 31 December 2018
Notes 2018 2017 € €
Fixed assets 14 931,624 864,822
Tangible fixed assets 15 3,411,184 3,422,528
Investments 4,342,808 4,287,350
Current assets 16 110,521 61,152
Gift Shop stock 17 65,099 52,782
Prepayments 20 945,895 992,370
Bank balances 1,121,516 1,106,304
Liabilities
Creditors and accruals 18 (382,509) (333,068)
Net current assets 739,007 773,236
Total assets less current liabilities 5,081,815 5,060,586
The funds of the CB:
Capital funds 302,030 302,030
Restricted funds 19 1,950,487 1,899,157
Unrestricted funds 1,234,800 1,165,730
Development fund 8 1,594,498 1,693,669
Total CB funds 5,081,815 5,060,586
Trustees Director/Librarian Dr Catherine Day Ms Fionnuala Croke Prof Roger Stalley
Report of the Trustees 2018 45 Statement of Changes in Equity Financial Year Ended 31 December 2018
Capital Designated Unrestricted Restricted Total reserves funds funds funds € € (development) € € €
Balance as at 1 January 2017 302,030 1,593,861 1,182,467 1,758,722 4,837,080
Net income/(expenditure) 99,808 (16,737) 140,435 223,506
Balance at 31 December 2017 302,030 1,693,669 1,165,730 1,899,157 5,060,586
Balance as at 1 January 2018 302,030 1,693,669 1,165,730 1,899,157 5,060,586
Net income/(expenditure) - (99,171) 69,069 51,330 21,229
Balance at 31 December 2018 302,030 1,594,498 1,234,800 1,950,487 5,081,815
46 Chester Beatty Cash Flow Statement Financial Year Ended 31 December 2018
Note 2018 2017 € €
Cash flows from operating activities:
Operating surplus 21,229 223,506
Losses/(gains) on investments 8 101,500 (99,891)
Income from investments 8,15 (23,611) (20,345)
Depreciation 12,14 263,729 208,496
Investment management fees 8,15 21,694 21,058
384,541 332,824
(Increase)/decrease in Gift Shop stock 16 (49,369) 21,330
(Increase)/decrease in debtors and prepayments 17 (12,317) 29,434
Increase in creditors and accruals 18 49,441 33,862
372,296 417,450
Cash flows from investment activities:
Acquisition of fixed assets 14 (330,531) (134,392)
Net liquid cash inflow 20 41,765 283,058
Trustees Dr Catherine Day Prof. Roger Stalley
Director/Librarian Ms Fionnuala Croke
Report of the Trustees 2018 47 Notes to the Financial Statements
1. Statement of compliance The benefits of the CB’s long leasehold arrangements in its The CB’s financial statements have been prepared on a premises at the Clock Tower Building, within Dublin Castle, are going concern basis and in accordance with The Irish GAAP not reflected in these financial statements. Accounting Standards issued by the Financial Reporting (b) Going concern Council of the UK and promulgated by the Institute of The CB meets its day-to-day working capital requirements Chartered Accountants in Ireland. The financial statements through its cash balances and investments. The CB forecasts comply with the Financial Reporting Standard FRS 102, the and projections, taking account of reasonable possible financial reporting standard applicable in the UK and Republic changes in operating performance, show that the CB should of Ireland (FRS 102). be able to operate for the foreseeable future. Therefore these The financial statements have also been prepared in financial statements have been prepared on a going concern accordance with the Statement of Recommended Practice basis. applicable to charities preparing their accounts in accordance (c) Heritage assets with the Financial Reporting Standard applicable in the The principal asset of the CB is the invaluable and extensive UK and Republic of Ireland ((FRS 102) - (Charities SORP collection of rare books, manuscripts and other items of (FRS102)). outstanding cultural and artistic value and these are treated as heritage assets. These include the Chester Beatty Biblical 2. Summary of significant accounting policies Papyri; exceptional Islamic, Japanese, Chinese and European manuscripts; one of the finest Collections in existence of The significant accounting policies used in the preparation of Imperial Mughal painting; as well as rare and valuable printed the CB’s financial statements are set out below. These policies books, prints, drawings and important decorative arts objects have been consistently applied to all financial years presented, from Asia and Europe. The CB is regarded as holding one of unless otherwise stated. the finest Collections of its kind ever amassed by a single The preparation of financial statements in conformity with FRS connoisseur-collector, Sir Alfred Chester Beatty (1875 – 102 requires the use of certain key assumptions concerning 1968). It is the only National Cultural Institution in Ireland with the future, and other key sources of estimation uncertainty a focus on global artistic heritage. Further information is given at the reporting date. It also requires the Trustees to exercise in note 22. its judgement in the process of applying the CB’s accounting The Trustees of the CB believe that the Collection is policies. The areas involving a higher degree of judgement exceptional as an asset in many ways. It is inalienable, unique, or areas where assumptions and estimates have a significant irreplaceable, ancient and fragile. In this regard, it is an asset risk of causing a material adjustment to the carrying amounts that cannot be valued in a way that would be meaningful for of assets and liabilities within the next financial year are readers of the financial statements. In addition, information on disclosed in note 3. the value of the Collection is not readily available and cannot The significant accounting policies adopted by the CB are as be obtained at a cost commensurate with any benefit that follows: could be derived by the user of the financial statements. The CB has therefore availed of the exemption 18.16 of the SORP (a) Basis of preparation not to recognise heritage assets on the Balance Sheet. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK All expenditure on preservation, conservation and and Republic of Ireland (FRS102) and with the Statement of management of the Collection is recognised in the Statement Recommended Practice applicable to charities preparing their of Financial Activities when incurred. More information about accounts in accordance with the Financial Reporting Standard preservation and management of the Collection can be found applicable in the UK and Republic of Ireland ((FRS 102) - in note 22. (Charities SORP (FRS102)). Heritage assets purchased or donated within the last five The CB meets the definition of a public benefit entity under years are set out in note 22 to the balance sheet at cost or FRS 102. In preparing the accounts, the Trustees have valuation at the time of acquisition, where such a valuation is considered whether in applying the accounting policies reasonably obtainable. Valuations of donations are carried out required by FRS 102 and the Charities SORP (FRS 102) the during the year of acquisition by the CB’s Curators and, where restatement of comparative items was required. appropriate, with reference to external experts and/or recent sales of similar objects.
48 Chester Beatty (d) Income Investment transactions are accounted for on a trade date The CB distinguishes restricted income from unrestricted basis. Realised gains and losses and movements in unrealised income. Restricted income refers to funds given subject to gains and losses are recognised in the Statement of Financial conditions imposed by the donor or implied by the nature of Activities. Movements in fair value are recorded in the the appeal. Statement of Financial Activities at each valuation date, note 2j.
Incoming resources are recognised by inclusion in the (e) Expenditure Statement of Financial Activities only when the CB is legally Expenditure is recognised once there is a legal or constructive entitled to the income, any performance conditions attached obligation to make a payment to a third party, it is probable to the item(s) of income have been met, the amounts involved that settlement will be required and the amount of the can be measured with sufficient reliability, and it is probable obligation can be measured reliably. that the income will be received. • The activities of the CB are primarily focused on the Income from donations and legacies, grants, sponsorships, conservation, protection and display of the collection. investments, rent and that derived from tours, workshops, room Expenditure is classified under the following headings: hire, events and conferences is recognised when the CB has • Expenditure on charitable activities comprise of direct costs entitlement to the funds, any performance conditions attached incurred in undertaking the charitable activities, including to the item(s) of income have been met, it is probable that the support costs and costs relating to governance of the CB, income will be received and the amount can be measured apportioned to charitable activities. reliably. • Costs of raising funds comprise the costs incurred by the Monetary donations from the public are only recognised on CB in raising funds for its charitable purposes. It includes receipt. investment management fees. The costs of running the shop is also included in this category. Grants from corporates, trusts, and major donors are • Other expenditure represents those items not falling under recognised on the same basis as grants from governments the above headings. and other co-funders.
Grants from government, institutional donors, corporate Irrecoverable VAT is charged as a cost against the activity for and trusts and foundations that are subject to significant which the expenditure was incurred. restrictions or reporting requirements are recognised when the CB is legally entitled to the income, any performance Allocation of support costs conditions attached to the item(s) of income have been met, it Support costs are those essential functions that assist the is probable that the income will be received and the amount charitable activities of the CB as defined above. Support can be measured reliably. costs include back office costs, finance, personnel, payroll and Sponsorship, subscriptions and similar income are accounted governance costs. These costs have been allocated between for as restricted funds when so specified by the contributor. charitable activities and the cost of raising funds, where Such funds receivable for restricted purposes are dealt with possible. Support costs are allocated by reference to a series through the Statement of Financial Activities – restricted funds, of metrics, such as headcount, square footage etc. on a performance basis. Expenditure from these funds is dealt (f) Funds with in the specific funds through the Statement of Financial All transactions of the CB have been recorded and reported as Activities. income into or expenditure from funds which are “designated”, Funds receivable for which there is no specific purpose “restricted” or “unrestricted”. specified by the contributor, are dealt with in the Statement Restricted and Unrestricted Funds of Financial Activities – unrestricted funds, on a performance Income is treated as restricted where the donor has specified basis. that it may only be used for a particular purpose or where it Income from the Gift Shop is recognised when the risks and has been raised for a particular purpose. All other income rewards of ownership have transferred to the customer. (including the current portion of the grant from the “DCHG”) is treated as unrestricted and dealt with in the Statement of Financial Activities. Expenditure is treated as being made out of restricted funds to the extent that it meets the criteria
Report of the Trustees 2018 49 specified by the donor or the terms under which it was of Public, Expenditure and Reform “DPER” in accordance raised. All other expenditure is treated as unrestricted and with the Public Service Pensions (Single Scheme and dealt with in the Statement of Financial Activities. Other Provisions) Act 2012.
The balance on each restricted fund at the end of the year The administration of the scheme is operated by DPER. represents the asset held by the CB for particular purposes The Trustees believe that DPER is responsible for the specified by the donors. The balance of the unrestricted fund payment of lump sums and pensions in payment on at the end of the year represents the assets held by the CB behalf of the SPSPS. Chester Beatty as part of normal for general use in furtherance of its work. financial management and budget-setting activity, factors Single Public Service Pension Scheme and Chester Designated Funds Beatty Library Staff Superannuation Scheme 1995 The Development fund has been designated by the Trustees benefit payment estimates into annual funding requests for use in the development of the CB and the Collection. The from the Department of Culture, Heritage and the designated funds are held in a separate investment portfolio, Gaeltacht, and accordingly no residual pension liability and movements on that investment portfolio are treated as a falls to be recognised in the books or accounts of the CB. movement on the designated Development fund balance in the financial statements. (i) Cash and cash equivalents (g) Income tax Cash and cash equivalents includes cash on hand, deposits The CB has been granted charitable tax exemption by the held at call with banks, other short-term liquid investments Revenue Commissioners and is recognised as a charity under with original maturities of three months or less and bank Section 207 of the Tax Consolidation Act 1997, registered overdrafts. number CHY 5879. (j) Financial instruments (h) Employee benefits The CB has chosen to adopt Sections 11 and 12 of FRS The CB provides a range of benefits to employees, including 102 in respect of financial instruments. Financial assets and short term employee benefits such as paid holiday financial liabilities are recognised when the CB becomes a arrangements and post-employment benefits (in the form of party to the contractual provisions of the instrument. defined contribution pension plans). (i) Financial assets (i) Short term benefits Basic financial assets, including trade and other debtors, Short term employee benefits, including paid holiday cash and cash equivalents and short-term deposits arrangements and other similar non-monetary benefits, are initially recognised at the transaction price. Such are recognised as an expense in the financial year in assets are subsequently measured at the undiscounted which employees render the related service. amount of the cash or other consideration expected to be received, net of impairment. (ii) Defined contribution pension plans Superannuation benefits for the employees and their At the end of each reporting period basic financial assets spouses are governed either by the Chester Beatty are assessed for objective evidence of impairment. If an Library Staff Superannuation Scheme 1995 and asset is impaired, the impairment loss is the difference the Chester Beatty Library Spouses and Childrens between the carrying amount and the present value Contributory Pension Scheme 1995 (for employees of the estimated cash flows discounted at the asset’s who joined prior to 2013), or the Single Public Service original effective interest rate. The impairment loss is Pension Scheme (SPSPS) (for employees who joined recognised in the Statement of Financial Activities. after 2013). The legacy Chester Beatty Library Staff and Spouses and Childrens schemes and SPSPS scheme are Other financial assets include the CB’s portfolio of regarded as state plans for the purposes of FRS 102. investments which are managed by the Trustees supported by external investment managers. This With effect from 1 January 2013 the Single Public investment is initially measured at fair value, which is the Service Pension Scheme (SPSPS) commenced. New transaction price. The investment is subsequently carried entrant staff, employed by the Chester Beatty after 1 at fair value and the changes in fair value are recognised January 2013 are members of the Single Public Service in the Statement of Financial Activities within ‘gains or Pension Scheme in accordance with the Public Service losses on investments’ in the period in which they arise. Pensions (Single Scheme and Other Provisions) Act 2012. The Chester Beatty, as a ‘Relevant Authority’ under the Financial assets are derecognised when (a) the SPSPS, makes the necessary deductions from salaries contractual rights to the cash flows from the asset expire for staff who are part of the scheme. Employee and or are settled, or (b) substantially all the risks and rewards employer contributions are transferred to the Department of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to
50 Chester Beatty another party who has the practical ability to unilaterally (m) Development fund sell the asset to an unrelated third party without imposing The Development Fund was set up from the net proceeds of additional restrictions. the sale in 1999 of the CB’s former premises at Shrewsbury Road, Dublin 4, less the contribution paid to the Office of (ii) Financial liabilities Public Works in 2000 towards the cost of fit out of the Clock Basic financial liabilities, including trade and other Tower Building at Dublin Castle under the court approved Cy payables are initially recognised at transaction price, Près Scheme of 16 December 1997. The Development Fund unless the arrangement constitutes a financing serves as a seed capital fund for a development programme transaction, where the debt instrument is measured at for the CB, as determined by the Trustees. the present value of the future receipts discounted at a market rate of interest. 3. Critical accounting judgments and Financial liabilities are classified as current liabilities estimation uncertainty if payment is due within one year or less and are Estimates and judgements made in the process of preparing measured at the undiscounted amount of the cash or the CB’s financial statements are continually evaluated other consideration expected to be paid. If not, they are and are based on historical experience and other factors, presented as non-current liabilities. including expectations of future events that are believed to Financial liabilities are derecognised when the liability is be reasonable under the circumstances. extinguished, that is when the contractual obligation is There were no critical accounting estimates included in these discharged, cancelled or expires. financial statements. (iii) Fair value measurement Accounting judgements include, the exclusion of heritage Fair value is the amount for which an asset could be assets (note 2c) and the leasehold premises (note 2k) from exchanged, a liability settled, or an equity instrument the balance sheet. granted could be exchanged, between knowledgeable, willing parties in an arm’s length transaction. The fair value of financial instruments traded in active markets (such as publicly traded bonds and equities) and which are included within the CB’s investment portfolio is based on quoted market prices at the balance sheet date.
Gains or losses arising from changes in the fair value through income are presented in the statement of financial activities within gains or losses on investments in the period in which they arise.
(k) Fixed assets and depreciation The CB’s long leasehold premises at Dublin Castle and most of its initial fit-out were provided by the State and accordingly it is considered impractical to assess the value of the gift in kind, which is the use of the premises at Dublin Castle and therefore the value is excluded from the financial statements.
Leasehold improvements carried out by the CB 15 years
Fixtures, fittings and equipment 5 years
(l) Gift Shop stock Gift Shop stocks consists of publications, catalogues, gifts and cards and is stated at the lower of cost and net realisable value. In accordance with this policy, no recognition is given to stock donated to the CB.
Report of the Trustees 2018 51 4. Department of Culture, Heritage and the Gaeltacht – other grants
Unrestricted Restricted 2018 2017 € € € €
A.7 Capital – Arts and Culture - 120,000 120,000 80,000
50th Anniversary Programme - 100,000 100,000 -
Total - 220,000 220,000 80,000
5. Voluntary income
Unrestricted Restricted 2018 2017 € € € €
Donations - 57,653 57,653 52,522
Sponsorships 122,309 75,317 197,626 322,542
Total 122,309 132,970 255,279 375,064
6a. Total trading income
Unrestricted Restricted 2018 2017 € € € €
Gift Shop sales (note 6b) 307,529 - 307,529 327,306
Restaurant income 42,530 - 42,530 26,680
Events and room hire 28,800 - 28,800 18,992
Reproduction and photographic fees 16,225 - 16,225 20,000
Tours and workshops 8,250 - 8,250 8,685
Other income 1,100 - 1,100 1,090
404,434 - 404,434 402,753
6b. Gift Shop gross profit - continued
Unrestricted€ Restricted€ 2018€ 2017€
Shop sales proceeds 307,529 - 307,529 327,306
Opening stock 61,150 - 61,150 82,482
Purchases 202,171 - 202,171 163,638
263,321 - 263,321 246,120
Closing stock (110,521) - (110,521) (61,150)
Cost of sales 152,800 - 152,800 184,970
Gross profit 154,729 - 154,729 142,336
Gross profit % 50% 43%
52 Chester Beatty 7. Investment income
Designated Unrestricted Restricted 2018 2017 € € € € €
Dividend income - - 23,611 23,611 20,345
Deposit income 411 2,985 607 4,003 5,835
411 2,985 24,218 27,615 26,180
8. Development fund
2018 2017 € €
Dividend income - restricted 23,611 20,345
Investment management fees (21,694) (21,058)
Investment (losses)/gains - realised and unrealised (101,500) 99,891
(99,582) 99,178
Investment returns
Deposit interest 411 630
Net movement in fund (99,171) 99,808
Balance at beginning of year 1,693,669 1,593,861
Balance at end of year 1,594,498 1,693,669
Report of the Trustees 2018 53 9. Analysis of charitable activities
Unrestricted Restricted 2018 2017 funds € € € €
Staff costs 1,371,691 114,558 1,486,249 1,359,535
Governance 147,248 315 147,563 147,551
Support costs (see note 11) 239,427 - 239,427 249,792
Depreciation 14,834 248,895 263,729 208,496
Conservation 25,710 10,978 36,688 62,413
Exhibitions 44,712 20,000 64,712 54,946
Reference Library 21,291 - 21,291 20,455
Education 49,425 2,500 51,925 71,562
Photography - - - 14,043
Digital 4,915 - 4,915 5,053
Publications - - - 20,061
Systems, phone and stationery 36,053 - 36,053 38,026
Advertising and PR 95,029 20,000 115,029 97,314
Property maintenance and insurance 113,654 - 113,654 104,059
Facilities and sundry 20,496 - 20,496 14,684
Travel and subsistence 20,062 - 20,062 17,311
Consultancy and subscriptions 27,433 60,000 87,433 27,641
Staff training and non-pay related costs 23,178 - 23,178 13,673
2,255,158 477,246 2,732,404 2,526,615
54 Chester Beatty 10. Cost of raising funds
Unrestricted Restricted 31 December 31 December funds € 2018 2017 € € €
Staff costs 295,487 - 295,487 258,048
Governance 7,766 - 7,766 7,766
Support costs (see note 11) 49,549 - 49,549 44,494
Depreciation - - - -
Investment management fees - 21,694 21,694 21,058
Cost of gift shop sales 152,799 - 152,799 184,970
Events 4,231 - 4,231 3,607
Friends 20,661 - 20,661 25,461
Shop running costs 15,516 - 15,516 26,522
Property maintenance and insurance 7,609 - 7,609 19,029
Systems, phone and stationery 6,307 - 6,307 12,865
Facilities and sundry 15,366 - 15,366 1,209
575,291 21,694 596,985 610,787
Report of the Trustees 2018 55 11. Analysis of support costs by function Support costs include back office costs, finance, personnel, payroll and governance costs. These costs have been allocated between charitable activities and the cost of raising funds, where possible. Support costs are allocated by reference to a series of metrics, such as headcount, square footage etc.
Charitable Fundraising Total activities activities
Support costs 2018
Governance 147,563 7,766 155,329
Finance 59,488 25,495 80,983
Information technology 44,163 11,041 55,204
Human resources 100,322 11,147 111,469
Office services 35,454 1,866 37,320
239,427 49,549 288,976
Support costs 2017
Governance 147,551 7,766 155,317
Finance 58,556 25,095 83,651
Information technology 47,288 11,822 59,110
Human resources 104,976 5,525 110,501
Office services 38,972 2,051 41,023
249,792 44,494 294,286
2018 2017 € €
Governance costs include
Staff costs 103,106 89,445
Auditors remuneration 27,500 27,552
Internal audit 6,687 12,900
Legal 433 14,077
56 Chester Beatty 12. Other information
2018 2017 € €
The net income for the year is stated after charging/(crediting) the following items:
Depreciation 263,729 208,495
Audit of CB financial statements 27,500 27,552
Interest receivable (4,003) (5,835)
13. Payroll cost analysis
2018 2017 € €
Salaries and wages 1,870,258 1,664,106
Social security costs 185,626 163,338
Pension costs 150,211 143,980
Lump sums 36,496 69,525
2,242,591 2,040,949
Charitable activities 1,486,249 1,359,536
Cost of raising funds 295,487 258,048
Support services 207,537 189,940
Governance 103,106 89,445
Pensions 150,211 143,980
2,242,591 2,040,949
The above analysis includes posts funded from the CB’s own funds.
The average number of staff employed (full time and equivalents), analysed by function, by the CB for the year were as follows:
2018 2017 Number Number
Operations 16 14
Collections 13 11
Management 4 3
Education 3 3
Digital 3 3
Finance 1 1
Development 1 1
41 36
Trustees’ received no remuneration. Trustees’ expenses totalled €nil (2017: €247). One Trustee was paid expenses in 2017.
Report of the Trustees 2018 57 2018 2017 € €
The number of higher paid employees was:
Taxable emoluments band:
€70,000 - €79,999 2 2
€80,000 - €89,999 1 1
€90,000 - €99,999 - 1
€100,000 - €100,999 1 -
The key management personnel of the CB consist of the Executive Team whose employee benefits (including employee PRSI) totalled €365,491 (€295,945 in 2017).
14. Tangible fixed assets Leasehold Fixtures, Total € fittings and € equipment €
Cost or valuation
At 31 December 2017 1,991,428 1,997,494 3,988,922
Additions - 330,531 330,531
Write-off - (706,057) (706,057)
At 31 December 2018 1,991,428 1,621,968 3,613,396
Accumulated depreciation
At 31 December 2017 1,327,616 1,796,484 3,124,100
Charge for the year 132,762 130,967 263,729
Write-off - (706,057) (706,057)
At 31 December 2018 1,460,378 1,221,394 2,681,772
Net book amount
At 31 December 2018 531,050 400,574 931,624
At 31 December 2017 663,812 201,010 864,822
58 Chester Beatty 15. Investments 2018 2017 € €
Bonds 379,027 388,964
Equities 685,189 734,602
Cash 249,902 171,555
Absolute return fund 129,348 247,927
1,443,466 1,543,048
Bank deposit account 1,717,718 1,629,480
Prize Bonds 250,000 250,000
3,411,184 3,422,528
2018 2017 € €
Reconciliation of movements in investments during the year
Fair value of investments assets at beginning of year 1,543,048 1,443,870
Income earned 23,611 20,345
Management expenses (21,694) (21,058)
Net realised gain on revaluation and disposal of investment assets 10,958 86,539
Net unrealised (loss)/gain on revaluation and disposal of investment assets (125,782) 49,397
Gain/(loss) due to foreign exchange movements 13,325 (36,045)
Fair value of investments assets at end of the year 1,443,466 1,543,048
Bank deposits above are classified as investments as they do not form part of the CB’s working capital and are being held for the longer term.
16. Gift Shop stock 2018 2017 € €
Goods for resale 110,521 61,152
The value of stock presented above is the lower of cost or NRV, less the stock provision of €2,846 (2017: €37,985). Stock is provided for on an aged basis, where stock aged 2-4 years is 50% provided for and stock aged 4+ years is fully provided for.
17. Prepayments 2018 2017 € €
Prepayments 65,099 52,782
All amounts included within prepayments fall due within one year.
Report of the Trustees 2018 59 18. Creditors 2018 2017 € €
Trade creditors 51,293 41,327
Accruals 58,799 72,353
Other creditors 202,687 161,048
Deferred income 69,730 58,340
Total 382,509 333,068
Trade and other creditors are payable at various dates in the next three months in accordance with the suppliers’ usual and customary credit terms.
19. Restricted funds 2018 2017 € €
Unamortised capital grants 1,717,520 1,664,428
Other donations 232,967 234,729
1,950,487 1,899,157
20. Reconciliation of net cash flow to movements As at Cash flow As at in bank balances 31 December 2017 € 31 December 2018 € €
Bank deposit account - restricted 237,297 77,640 314,937
Bank deposit account - unrestricted 1,392,183 10,600 1,402,783
Bank accounts 992,370 (46,475) 945,895
2,621,850 41,765 2,663,615
60 Chester Beatty 21. Pension scheme details 22. Heritage assets Chester Beatty Library Staff Superannuation Scheme As noted in note 2(c), heritage assets have not been included 1995 and Chester Beatty Library Spouses and Children’s in the financial statements as it is an asset that cannot be Contributory Pension Scheme 1995 valued in a way that would be meaningful for readers of the Both the Staff scheme and Spouses and Children’s schemes financial statements. Further information regarding the nature are administered and funded by the Department of Culture, of the Collection and its management is set out below. Heritage and Gaeltacht (DCHG) on behalf of the Chester Beatty. The Trustees believe that the scheme does not meet the (a) Nature and scale of the Collection definition of a defined benefit scheme in accordance with FRS The Collection housed in the CB has been described as the 102, as the CB is not exposed to the actuarial or investment risk. finest collection of manuscripts, rare books, miniature paintings Furthermore, the Trustees believe that the CB operates as an and other decorative objects assembled by a private collector agent in the operation of the scheme and does not contribute in the twentieth century. It includes representative examples of financially to the scheme. Lump sums and pensions in payment the world’s artistic heritage from about 2,700BC to the present under the schemes are estimated annually in advance for century. Today this Collection belongs to a Trust who own and pending retirements which are due to take place in the year operate the CB as a museum for the benefit of the public; and ahead. Calculations are made in consultation with the DCHG entrance to the CB is free. and are submitted for inclusion in the annual DCHG budgetary The Western treasures include some of the earliest sources on process, and are dealt with as part of the annual allocation of papyrus for the bible, and a number of important Manichean funding from the DCHG to the CB. texts. The Biblical Papyri, dating from the second to the fourth In the event that the budget does not adequately account for century AD, consist of the earliest known copies of the four an unexpected retirement, this amount would be dealt with in canonical Gospels, Acts of the Apostles, Letters of St Paul and a subsequent allocation. The CB is an approved organisation Book of Revelation, as well as various very early Old Testament under Section 4 of the Superannuation and Pensions Act, fragments. Armenian and Western European manuscripts from 1963, which provides for the transfer of employees and Medieval, Renaissance and more modern times, Old Master pensionable service between schemes within the Civil prints, rare early and fine books and bindings complete a Service network. Therefore for employees who joined the CB remarkable conspectus of the arts of manuscript production late in their pensionable career, the obligation to act as an and printing from many world cultures and periods. agent in the administration of their pension and lump sum Manuscripts and single-page paintings and calligraphies, on retirement transfers to the CB from another approved make up the Islamic Collections. This includes more than 260 organisation at their point of joining the CB. Given that complete and fragmentary Qur’ans, dating from the eighth the State, via the Department of Culture, Heritage and the to the nineteenth centuries and including the works of the Gaeltacht have ultimate responsibility for the administration leading calligraphers and illuminators of the Islamic world. and funding of this liability, this does not give rise to the recognition of any liability in the books of the CB when The East Asian Collections include a fine series of albums and such transfers occur, as the liability rests with the relevant scrolls from China, the largest collection outside China of jade government department. books from the Imperial Court and a large collection of textiles and decorative arts. The Japanese holdings contain many The Trustees believe that the liability in respect of pension superb painted scrolls dating from the sixteenth to eighteenth benefits payable to employees who are members of the centuries, woodblock prints by Hiroshige and Hokusai Chester Beatty Library Staff Superannuation Scheme 1995 amongst others, as well as decorative art objects. and the Chester Beatty Library Spouses and Children’s Contributory Pension Scheme 1995 will be met in full by the While the Collection is fully catalogued, it can be measured DCHG. The CB is not exposed to the actuarial risk arising in in a number of ways, as how a single object is defined does either the Staff or Spouses and Children’s schemes and from not have a definitive answer; for example, a Japanese painted the CB’s perspective the Staff and Spouse’s and Children’s scroll might comprise a number of separate scrolls. schemes, are in substance, defined contribution schemes. More detailed descriptions of the Collection by area Contributions from employees, which are deducted through and including images can be found on the website payroll from members of the scheme in respect of the www.chesterbeatty.ie Spouse’s and Children’s scheme are held in a Balance Sheet fund which is due and payable to the DCHG.
Surplus or deficit funding of the balance is dealt with as part of grant income which is included within income earned from charitable activities in the Statement of Financial Activities.
Report of the Trustees 2018 61 (b) Heritage asset management Heritage assets Acquisitions Acquisitions for the Collection for the current year and the The CB continues to acquire material, to enhance or improve previous four years as follows: the CB’s holdings, along the distinctive lines of collecting established by Sir Alfred Chester Beatty. The CB does not receive an acquisitions grant and funds for purchases are Purchased Donated Total normally externally sourced. The principles the CB takes € € € into account when acquiring objects for its Collections whether by donation, purchase or loan are set out in the CB’s Year Acquisition Policy. 2018 - - -
The purpose of the collecting policy is to complete, amplify 2017 - - - and enrich the Chester Beatty Collection. The CB will always 2016 - - - seek to ensure compliance with Irish Cultural Heritage Legislation. Only works for which legal title can be firmly 2015 1,600 - 1,600 established will be considered for acquisition by the CB. 2014 14,478 - 14,478 Preservation Preserving the Collections for the present and future generations remains the primary focus and responsibility of the CB. Their conservation, display and interpretation are central 23. Approval of financial statements to every aspect of the CB’s operations and audience access, both on-site and on-line. The CB has a dedicated Conservation The Trustees and the Director/Librarian approved the financial Department that specialises in book and paper conservation. statements on 12 June 2019. Conservators are involved in every aspect of preservation and conservation to safeguard the Collection during handling, transport, storage and while on display. The Conservators work to stablilise and repair the objects in the Collection; and all treatments are governed by a policy of minimum intervention to ensure that the historical integrity of the object is maintained. Due to the wide variety of material in the Collection, specialist conservators may be consulted to treat materials such as textiles and ceramics. All work is carried out in accordance with a strict professional code of conduct. Further information may be found in the Collections Care and Conservation Strategy.
Management Enhancing access, physically and digitally, to the Collections is one of CB’s key strategic objectives. Further information can be found in the Statement of Strategy 2016 – 2020.
The CB uses a collections management system (Adlib) to catalogue the Collection and to manage acquisitions, locations, exhibitions and loans. This system is maintained by the Registrar in collaboration with the Curators. The CB continues to enhance the database and to expand the information recorded on each asset.
Disposal The Trustees are constrained by the terms of the Will of Sir Chester Beatty from disposing of the material in the Collections. The Collections of the CB are held in trust and only under exceptional circumstances will the de-accessioning of any object from the Collections be contemplated by the Trustees. The Disposal Policy covers the circumstances in which de-accessioning may take place by the Trustees and the procedures to be followed.
62 Chester Beatty Report of the Trustees 2018 63 “Alfred Chester Beatty, Ireland’s first and only honorary citizen has just been laid to rest. The last prayers are now being recited for the man who has been called our Prince of Benefactors….the man who has bestowed so much on Ireland, now he himself belongs to the nation.”
Seán Duignan RTÉ report on Chester Beatty’s state funeral 29 January 1968
64 Chester Beatty Report of the Trustees 2018 Vistitors in the Gift of a Lifetime exhibition65 Designed by Red&Grey www.redandgrey.ie
66 Chester Beatty Report of the Trustees 2018 67 68 Chester Beatty